New Report Projects Nearly 19 Million Seniors Will Save $400 Per Year on Out-of-Pocket Prescription Drug Costs
Today, the U.S. Department of Health and Human Services (HHS), announced actions to protect consumers from junk health plans, surprise medical bills, and excess costs that lead to medical debt. These actions build on the Biden-Harris Administration’s effort to eliminate hidden fees in every sector of the economy and lower health care costs for American seniors and families.
Coinciding with the actions taken today, HHS also released a new report projecting that nearly 19 million seniors will save approximately $400 per year on prescription drug costs when the $2,000 out-of-pocket prescription drug spending cap from the Inflation Reduction Act – President Biden’s historic lower cost prescription drug law – goes into effect in 2025.
The report follows last week’s actions advancing historic provisions in the law that allow Medicare to negotiate prescription drug prices and cap the cost of each Medicare-covered insulin pump at $35 per month.
“The Biden-Harris Administration continues to take action to lower costs for millions of Americans and improve health outcomes across the nation. Today’s announcement protects patients from junk health insurance and unfair billing practices, and increases transparency in our health care system, while continuing to implement President Biden’s historic prescription drug law that is lowering costs for millions of seniors across the country,” said HHS Secretary Xavier Becerra. “The Biden-Harris Administration is committed to helping seniors and people with disabilities save money on the medications they need and ensuring hardworking families have insurance when they need it.”
“The Biden-Harris Administration’s efforts to make health care more affordable are life-changing for millions of Americans,” said Centers for Medicare & Medicaid Services (CMS) Administrator Chiquita Brooks-LaSure. “No one should go bankrupt trying to get and keep themself or their
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